Evening star. [volume] (Washington, D.C.) 1854-1972, 1887-06-15
THE AMERICAN TELEPHONE SCAN.
DAL.


The report OF the committee appointed by the
board OF directors Of the American Telephone
Company Is as follows, with the exception OF the
resolution. which is printed elsewhere:
1--WE first went over all the accounts; found
everything right and square to a cent. The money
used In procuring the concession, charter, books,
and conducting the business Of the company, has
been paid out of the original payments by the
members OF the board who organized the company.
There has been no need to use any Of the cash re-
celved Tor stock sold to others than the directors
The parties and outfit sent to Venezuela TO
put up lines and arrange for extensive
operations are provided for and are now in Cara
cas- cas-; I'VE we VIII VIII hear from our agent by the first
steamer. The cash received for stock sold by
order OF the board is In bank We found, after the
fullest investigation of every paper and fact con-
nected with the enterprise, that the business OF
the company has been conducted with good judg-
ment and fidelity. We found the concessions
covers nine and three years. covering the exclu-
telephones in the United states OF vene-
zuela. excepting four cities, and, in regard to
those cities, without concession we have the
right, though not the exclusive right, to put up
phones And we are assured, by letter, the au-
thenticity OF which we have no reason whatever
TO doubt, that the concession TO Gen. PaGron has
been extended to cover those cities: and further,
that the president of the republic Of Venezuela has
agreed to extend the term OF the nine to twelve
complete, but the evidence before the board
contained in letters from Gen. Padron to
Consul-(ieneral Gonzales satisfied us that the
concession concerning such extension would be
received by the next steamer. The exact facts
were stated In the prospectus. The circular by
the secretary, which stated that the thirty-nve
years extension secured, stated Ii too rongy
we nave had the fullest conference with the
highest officials OF the Venezuelan government in
this country. We went over each and every point
In the concession touching the rights privileges,
and limitations granted and imposed upon the
company. We had full confirmation OF the fact
that the company which formerly had conces-
breach
contract, their concession revoked We were as
Sured that our company would do good business,
ested anticipated. We aSeerta1ned that the gov
ernment and the people were anxious to have the
Introduction OF the system begun at once, and
prosecuted vigorously. In all these interviews We
could learn nothing to discourage embarrass, or
annoy the company. We found competitors In the
neld here They were, and are now, ready and
willing to purchase the franchise now owned by
this company, II by hook or crook we can be pre-
vented from commencing operations within the
tne eSr
operations in the republic OF Venezuela. The
press has been imposed upon, and very nat
urally, by reason OF the fact that one member
of the board is found to have a bad record in the
past The inferences, since he had been the chief
promoter OF the enterprise in its inception. We're
observed that the board Is composed OF men who
stand as high In the esteem OF their fellows and
enjoy as clear character as any men in the cOun-
try, and although 1t was natural to conclude that
there was something wrong, there Is found nothing
save the fact above mentioned to justify II. IL Is
little singular that not one complaint has
reached the company from the stockholders. The
complaints come from those who have, so far as
we know, no interest whatever in the enterprise !"
PRESIDENT BUTTERwoRTH STATED
to STAR reporter to-day that the position made
vacant by the resignation OF President Tyrer
would not be filled for some days yet 1t was also
stated at the Office to-day that so far none OF the
stockholders had come in and asked to have their
money refunded.